Biz bits

Penney plans to end twice-yearly catalogs

PLANO, TEXAS --- J.C. Penney will stop publishing its twice-yearly "big book" catalogs, now that customers increasingly shop online.

Instead, J.C. Penney Co. says it will publish specialty catalogs and focus its efforts online, on the Web site jcp.com and on social networks. In part, the company says it is responding to consumer habits to view catalogs more as "look books."

The Plano, Texas, company will continue to publish its Christmas catalog and others, such as the Little Red Book for women's apparel and Matters of Style for men.

Democrats want Fed audit in AIG bailout

WASHINGTON --- A group of House Democrats are stepping up demands for greater transparency from the Federal Reserve after reports that the Fed mishandled the bailout of insurance giant American International Group Inc.

The group, led by Rep. Elijah Cummings, D-Md., wants a congressional review of the Federal Reserve system.

They want to allow congressional audits of the Fed as part of financial rules that are being debated by the House Financial Services and Senate Banking committees, according to a letter Wednesday to the committees' chairmen.

Aetna announces job cuts, plans for more

INDIANAPOLIS --- Health insurer Aetna said Wednesday it will cut 625 jobs immediately, or nearly 2 percent of its staff, and will make a similar number of cuts by the end of the 2010 first quarter due to the lagging economy and the potential impact of health care reform.

Hartford, Conn.-based Aetna trimmed 977 jobs last December and currently has about 35,500 people. Several other large insurers, including Indianapolis-based WellPoint Inc. and Philadelphia-based Cigna Corp., also have announced cuts.

FDA panel gives OK for top vaccine by Pfizer

BETHESDA, MD. --- FDA experts said Wednesday an updated version of Pfizer's best-selling Prevnar 13 anti-infection vaccine is safe and effective for infants and toddlers, despite company studies that failed to meet certain goals.

While the FDA is not required to follow the group's advice, its recommendation moves the company closer to expanding the use of the treatment against pneumococcal disease, which racked up more than $2.7 billion in sales last year.